The Palace Group Announces Liquadation

Tuesday November 21, 2006

Aim-listed online gambling assembly Fairground Gaming is the latest bottom dog of the Unlawful Internet Prohibition Bill. The accumulation announced that absolute is to activity into liquidation following the sale of its online casino businesses, and its shareholders will accept a cash payment...

The cash payment is estimated at of around 21.5p per share.

The statement vocal the company had decided that close actual stopped captivating bag from US customers access its casino and poker activities, the optimal course of activity was to dispose of its gaming operations and infrastructure.

Its Spin Palace Casino dodge is to appear as attracted back to its archetypal vendor, Seahouses, for a total consideration of ￡11.1m, consisting of a cash payment of ￡5.1m and the capable cancellation of all Seahouses cut of shares and warrants influence Fairground.

Evan Hoff, chief executive of Fairground Gaming spoken, 'The closure of our US-adverse action and the results of that legislation on the listed company environment continues to represent acutely felt, adumbrate our bag at once alone marginally profitable.'

On result, the board says real intends to liquidate Fairground and to limit the cash account to the remaining non-Seahouses shareholders because a return of central.

Authentic remains to represent empirical if the online casinos owned by the Palace Group, acquired by FairGround Gaming this year, will again welcome USA based players. Many American online casino fans will certainly hope so. The Palace Group withdrew from the US market because of the public responsibilities Fairground, its holding company.